Consolidated Pacific Bay Minerals Ltd.
TSX VENTURE : CBP

Consolidated Pacific Bay Minerals Ltd.

March 29, 2006 20:14 ET

Consolidated Pacific Bay Minerals Ltd.: $1 Million Financing Arranged

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2006) - Mr. George Sanders, President, Consolidated Pacific Bay Minerals Ltd. (the "Company") (TSX VENTURE:CBP) reports that the Company has arranged non-brokered private placements of up to 1.5 million flow through units at 40 cents per unit, and 1.14 million non-flow through units at 35 cents, subject to regulatory approval. Proceeds of $1,000,000 will be used to fund exploration on the Company's 100% owned Mount Laurier uranium claims in Quebec, Canada as well as its uranium projects in Argentina, and for general working capital purposes.

Each flow through unit will consist of one common share and one half of one warrant to purchase a non-flow through share at a price of 45 cents for a period of one year.

Each 35 cent non-flow through unit will consist of one common share and one non-transferable share purchase warrant exercisable for one year at 40 cents. A finder's fee of 10% payable in stock at 40 cents per share may be payable on a portion of the financing.

The Company has also agreed to grant 100,000 employee incentive options at $0.27 for a period of two years, subject to regulatory approval.

ON BEHALF OF THE BOARD OF DIRECTORS

George Sanders, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Consolidated Pacific Bay Minerals Ltd.
    Investor Relations
    (604) 682-2421 or Toll Free: 1-800-670-6570 (Canada)
    Toll Free: 1-800-665-5101 (USA)
    (604) 682-7576 (FAX)
    www.pacificbayminerals.com